BEIJING: The Kuwait Fund for Arab Economic Development (KFAED) signed a KD 9 million (about $30.6 million) loan agreement with the People's Republic of China worth to finance the expansion of the Guiyang II People's Hospital. The total cost of the project from the reserves of quantities, prices, taxes and interest during implementation is estimated at KD 28 million (about $92 million), the fund said in a press release yesterday.

The loan will cover about 32 percent of the total project costs, while the Guiyang People's Government will cover the rest of its costs, it said. It said the project aims to contribute to covering the increasing demand for medical services, especially for neurological diseases in Guizhou Province and neighboring provinces, through the implementation of the expansion of the Guiyang II People's Hospital.

The project will contribute to supporting social development both in Guiyang Municipality and in the Guizhou Province and in neighboring regions in general. The agreement was signed on behalf of the Kuwaiti side by KFAED's deputy Director General Ghanim Al-Ghunaiman and on behalf of the Chinese side by Deputy Director General of the International Cooperation in the Finance Ministry Wang Jong Jing. Kuwaiti Ambassador to China Sameh Johar Hayat attended the signing ceremony. - KUNA